Rising oil prices top agenda of Jeddah meeting

Saudi Arabia is playing host to the Energy Conference in the backdrop of surging crude oil prices globally, that hit nearly $140 per barrel last week.

The meeting will be attended by heads of state and ministers from 35 countries, top executives of 25 oil companies and seven international organisations.

British prime minister Gordon Brown and Saudi oil minister Al-Naimi will also address the summit.

Deora had earlier this week written to Ali al-Naimi for a hike in output by Organisation of Petroleum Exporting Countries (OPEC). “(I) request you to advice major oil producing countries to raise their output to calm the market further and revitalise the global economic growth,” he wrote.

Though Saudi officials have said that the Kingdom has no “magic wand” that will resolve the skyrocketing oil prices, but have assured the world consumers that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators.

“As the world’s biggest oil exporter, Saudi Arabia has not and will not spare any effort to achieve oil market stability. Its oil policy aims always to foster and strengthen cooperation and dialogue between oil producing and consuming countries,” an official statement said yesterday.